In September 2024, the International Finance Corporation (IFC) FIG Insurance team, in collaboration with Angola’s insurance regulator, Agência Angolana de Regulação e Supervisão de Seguros (ARSEG), held a comprehensive training session in Luanda focused on agricultural insurance. This two-day event brought together 40 participants from over 11 insurance companies and various public sector entities, showcasing a robust commitment to enhancing the agricultural insurance landscape in Angola.

The training covered a wide range of critical topics, including a review of agricultural risks, stakeholder mapping, product types, product design and evaluation, and pricing strategies. Notably, the session featured case studies from Zambia and Mozambique, enriching participants’ understanding of regional practices. A highlight was the presentation by Mr. Israel Muchena, Managing Director of Agri Insurance from Hollard Mozambique, an IFC/GIIF client, who shared invaluable insights into how index insurance can effectively support smallholder farmers. This sharing of experiences underscores the IFC's commitment to facilitating knowledge exchange among its clients, enhancing their capacity to deliver innovative solutions.

In addition to this September training, the IFC and ARSEG collaborated earlier this year, conducting a three-day training program from March 5 to 7, 2024. This initiative aimed to bolster the resilience of Angolan farmers against climate change impacts and improve their financial inclusion through index-based insurance products. With 69 participants from various sectors, the March training included sessions on the fundamental concepts of index insurance and deeper dives into product design, evaluation, and pricing. The efforts made through these trainings are critical in fostering a deeper understanding of agricultural index insurance, ultimately enhancing financial stability for local farmers.

Both training sessions reflect the IFC's dedication to empowering Angolan farmers and stakeholders in the insurance sector. By building knowledge and skills within the agricultural insurance market, the IFC and ARSEG are paving the way for more resilient agricultural practices, crucial for facing the ongoing challenges posed by climate change. As these initiatives continue to develop, they promise to significantly strengthen the agricultural insurance landscape in Angola, fostering greater financial inclusion and resilience for farmers and their communities.